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Asset accounting policy

Treasury issues the Non-Current Asset Policies for the Queensland Public Sector to direct State Government agencies in the accounting treatment of assets. The policy aims to:

  • Clarify the definition of, and accounting recognition concepts for, assets;
  • Provide guidance on determining the periodic cost of using assets (depreciation/amortisation);
  • Specify a basis for valuing non-current assets; and
  • Set out the approach to be adopted in regularly reviewing the carrying amount of assets and, where appropriate, writing down or revaluing assets.

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Last reviewed 23 September 2013